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Global Cannabis Cultivation Market, by Type (Cannabis Indica and Cannabis Sativa), by Source (Flower/Buds, Leaves, and Others), by Application (Medical Consumption, Recreational Consumption, and Industrial Consumption), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 31,181.09 million in 2020 and is expected to exhibit a CAGR of 18.2% during the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.

Increasing investment in sale of cannabis is expected to augment the market growth.

Increasing investment in sale of medical cannabis in various countries is expected to boost the global cannabis cultivation market growth. For instance, an article published by the Marijuana SEO, a digital platform for marijuana, in 2020, reports the medical marijuana sales by U.S. state in 2018.

Table 1. Medical Marijuana Sales, by State, 2018

State

Sales (US$ Million)

State

Sales (US$ Million)

Michigan

633

New Mexico

54

Michigan

406.7

Connecticut

50

Illinois

91.1

New Jersey

37

Global Cannabis Cultivation Market – Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization has declared it a public health emergency. According to the World Health Organization’s report, the manifestation of coronavirus disease (COVID-19) has resulted in over 73.24 million infected individuals worldwide as of December 15, 2020.

COVID-19 can affect the economy in three main ways; by directly affecting production and demand, by creating disruptions in distribution channel, and by its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as Saudi Arabia, UAE, Egypt, and others are facing problems with regards to transportation of raw materials from one place to another.

Browse 38 Market Data Tables and 35 Figures spread through 198 Pages and in-depth TOC on “Cannabis Cultivation Market – by Type (Cannabis Indica and Cannabis Sativa), by Source (Flower/Buds, Leaves, and Others), by Application (Medical Consumption, Recreational Consumption, and Industrial Consumption), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Global Forecast to 2027”

To know the latest trends and insights prevalent in the global cannabis cultivation market, click the link below:

https://www.coherentmarketinsights.com/market-insight/cannabis-cultivation-market-4346

Key players in the market are focusing in strategies such as collaborations to expand their business. For instance, in March 2017, CaliPharms, Inc., a California-based medicinal cannabis company, signed a definitive stock purchase agreement with Pacific Cannabis Growers (PCG), a Humboldt County California medical cannabis farm. CaliPharms purchased 51% stock ownership of PCG, and with this agreement PCG plans to produce top quality cannabis for the medical sector.

Key Takeaways of the Global Cannabis Cultivation Market:

  • The global cannabis cultivation market is expected to exhibit a CAGR of 18.2% during the forecast period owing to increasing cannabis cultivation. According to an article published by the Journal of Elementology in January 2018, worldwide area under hemp cultivation, (both hemp  seed and  hemp  tow  waste)  amounted  to  71 thousand  hectares (150  thousand  acres)  and  about  170  million  tons  (375  million  pounds).
  • Among type, the cannabis sativa segment held a dominant position in the global cannabis cultivation market in 2019, owing to its medicinal benefits as it contains cannabinoid (CBD) that impacts the brain for better functioning.
  • Among source, the flower/buds segment held a dominant position in the global cannabis cultivation market in 2019 owing to its high content of delta 9-Trans-tetrahydrocannabinol
    (THC) of around 15-30% and about 0.1-1% of cannabidiol (CBD).
  • Among application, the industrial segment held a dominant position in the global cannabis cultivation market in 2019 owing to increasing application of cannabis in industries such as pharmaceuticals, personal care and cosmetics, nutraceuticals and food & beverages.
  • Key players operating in the global cannabis cultivation market are Pacific Cannabis Growers, Inc., Atlas Growers, Canntrust Holdings, Inc., The Hydropothecary Corporation, Better Holdings, Canopy Growth Corporation, Aphria, Inc., Aurora Cannabis, Tilray, Organigram Holdings Inc., The Cronos Group, Maricann Group, Inc., ABcann Medicinals, Inc. and GW Pharmaceuticals plc among others.
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